Organizers of London Pride 2013 say they’ll have to cancel this year’s celebration if they can’t get enough funding and volunteers.

In October, mayor Boris Johnson awarded London LGBT + Community Pride the right to organize the festival for the next five years, after London Pride was forced to seriously scale back World Pride in 2012, citing a shortage of cash.

Today, London LGBT+ Community Pride chair Michael Salter said the lack of preparation time has made it harder to plan the event for this summer: “Although we are confident in our planning it is true that if we are unable to secure the funding and volunteers that we need to deliver a safe Pride – one that showcases the best of our community – we may have to cancel the event for 2013.”

Pride is the third largest annual event in London, with 40,000 people marching and nearly a million spectators. Major thoroughfares, including Oxford Street and Regent Street, are closed for the parade. The city has coughed up close to $25,000 but at least a further $430,000 is needed to fully fund the celebration.

“Organising something on that scale doesn’t come cheaply and depends on volunteers,” says Salter. “So we are calling on potential sponsors and donors and on willing volunteers to step forward and work with us to make London and our community proud.”

You would think that they would learn from last time. DIAL IT BACK. If you have funds overflowing then, sure, throw a $430,000 party. If you don’t have it, live within your means. What part don’t they understand?